BUSINESS

BUSINESS>

Stocks Decline as AIG Reveals Need for Cash, Oil Surges

By TIM PARADIS, Associated Press | May 9, 2008

Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week. Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system.